NexLube of Boca Raton hopes to break ground by the end of March and complete construction by the end of next year. The project at Port Sutton includes a 9,200-square-foot office building and a 54,400-square-foot processing plant.

The company will be the first to receive a new property tax break for new business, approved by Hillsborough County voters in 2010. The company will pay about $150,000 a year in property taxes after the 75 percent break, saving it $470,707 a year for 10 years. The state will contribute an additional $520,000 in tax incentives. The average salary is expected to be $59,784, or 150 percent of the state's average private-sector wage.

The plant will convert up to 24 million gallons a year of used oil into lubricant. The plant will use reclaimed water from the city of Tampa's sewage treatment facility.

The 20-year lease will generate about $10 million in total revenue for the port on the 12-acre site at Pendola Point, officials said. It is thought to be the first facility of its kind in Florida.

In other news, the port board unanimously approved buying 110 acres near Port Redwing for $9.2 million for future development. The landlocked site near Gibsonton will be used to lure port-related businesses and distribution centers.